One of the energy stocks in my portfolio, Superior Energy Services (NYSE:SPN), has performed much better lately. This cheap oil services firm has also picked up some positive catalysts that should continue to push the shares higher.

Recent positives for Superior:

Williams Financial Group just initiated the shares as "Buy" with a price target of $30 a share this week.

The CEO has purchased some $300K in new shares over the last six months.

After falling for months, consensus earnings estimates for both FY2012 and FY2013 have stabilized and remained the same as they were a month ago, $2.83 a share in FY2012 and $2.71 in FY2013.

"Superior Energy Services provides specialized oilfield services and equipment to serve the production and drilling-related needs of oil and gas companies. It operates through three segments: Subsea and Well Enhancement, Drilling Products and Services, and Marine." (Business description from Yahoo Finance)

4 additional reasons SPN is undervalued at under $24 a share:

The stock is selling near the bottom of its five year valuation range based on P/E, P/B and P/CF.

SPN is selling at less than 9 times forward earnings, a discount to its five year average (11.6).

The stock is cheap at 92% of book value and a minuscule five year projected PEG (.42).

The company has more than doubled its operating cash flow in the last three years and the stock sells for less than 6 times OCF.

Disclosure: I am long SPN. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.